However, Catalan newspaper Sport claims that the preferred location for Mahrez is European giants Barcelona.

The Algerian international was the stand-out performer for Leicester in their title triumph last season with 17 league goals and 10 assists, while forming a highly productive partnership with Jamie Vardy.

He joined from Le Havre, who play in the French Ligue 2, midway through the 2013-14 season and helped Leicester earn a return to the Premier League.

The Evening Standard reported in February that Wenger admitted he turned down the opportunity to sign Mahrez for £400,000 in 2014 and he praised the attacking midfielder.

“He has developed extremely well; today he is one of the dominant players in the Premier League,” Wenger said.

The report could mean Arsenal are set to miss out on their third potential signing from Leicester, after N’Golo Kante joined Chelsea and earlier in the window Jamie Vardy opted to sign a new contract at Leicester despite having a medical at the Emirates.